Apartment Finance Today (AFT) opted for a change in scenery and moved its 2012 Annual Economic Outlook and Forecast Conference to Las Vegas. The emphasis was directed toward historically low interest rates, profitable yield opportunities, and being able to get investors and lenders interested in your deal.
Matthew B. Lester, Founder and Chief Executive Officer of Princeton Enterprises, was invited back for a second year as a panelist during the To the Max: How to Push NOI to New Heights session. He shared his expertise in maximizing revenue and net operating income by offering numerous tips on how to impact the bottom line and make your property value driven. Mr. Lester should know – his organization has nearly doubled in size over the past four years, going from 8,000 to 15,000 units throughout the midwest.
Keynote speaker Ron Terwilliger took a trip down memory lane speaking of his life as a developer. Les Shaver’s article, 6 Lessons for Developers, outline the key takeaways from Mr. Terwilliger.
1. Real estate is a cyclical business and there will be downturns.
2. Put in a healthy amount of equity, about 25 percent, in each deal.
3. Get a five-year loan or a three-year loan with two, one-year extensions.
4. Use architects and subcontractors that are familiar with the product you’re building.
5. Choose the right asset and property manager.
6. Have a tight partnership agreement with the equity partners.
“Meet the Money” conference attendees left with some great tips from top industry experts encouraging owners and developers that by being persistent, having a solid strategy, strong operational performance and a watertight NOI execution is what’s needed to show investors’ you’re worth the risk.
For more information on the 2012 Apartment Finance Today Conference click here